博时恒生港股通高股息率ETF(513690):聚焦港股红利标的,关注高股息投资机会
Changjiang Securities·2025-09-23 08:43
- The Hang Seng Hong Kong Stock Connect High Dividend Yield Index aims to reflect the overall performance of Hong Kong-listed securities with high dividend yields that can be traded through the Hong Kong Stock Connect[4][10] - The index was launched on November 18, 2019, with a base date of December 31, 2014, and a base point of 3000 points[4][10] - The index selects the top 50 securities with the highest average net dividend yield over the past three years as constituents[46] - The net dividend yield is calculated as post-tax dividends per share divided by the closing price on the dividend data cut-off date[46] - The index constituents are selected from eligible Hang Seng Composite Index stocks that can be traded under the Stock Connect scheme[46] - The index has a buffer zone where existing constituents ranked below 60 are removed, and new constituents ranked above 40 are added to maintain the number of constituents at 50[46] - The index has shown superior long-term performance compared to the Hang Seng Index, Hang Seng Composite Index, and Hang Seng Stock Connect Index[43][71] - The Hang Seng Hong Kong Stock Connect High Dividend Yield Index has a high dividend yield, with the past 12 months' dividend yield exceeding 6%, compared to other common Hang Seng broad-based indices which mostly range between 2% to 5%[47][49] - The index's annualized volatility is generally lower than other common Hang Seng broad-based indices, with most years since 2018 having an annualized volatility below 24%[76][77] - The index's top ten constituents include companies like COSCO Shipping Holdings, Orient Overseas International, Yancoal Australia, SITC International, Yanzhou Coal Mining, PCCW, Hang Lung Properties, China Feihe, China Hongqiao, and Henderson Land Development[65] - The index's top ten constituents have a combined market capitalization of approximately HKD 10325.86 billion, with a weighted PE (TTM) of 10.05, weighted ROE of 7.62%, and weighted dividend yield of 8.97% over the past 12 months[65] - The index's constituents are mainly distributed in industries such as industrials, financials, energy, real estate, utilities, and telecommunications[55][56] - The index's constituents are primarily large-cap stocks, with 34 out of 50 constituents having a market capitalization above HKD 1000 billion[61][62] - The index's constituents have shown stable growth prospects, with expected revenue growth of 6.58% in 2025 and net profit growth of 4.16% in 2026[67][68][69][70] - The Bosera Hang Seng Hong Kong Stock Connect High Dividend Yield ETF (513690) closely tracks the index, aiming to minimize tracking deviation and tracking error[11][78] - The ETF was listed on May 20, 2021, and is a passive index fund that primarily invests in the index constituents and eligible stocks under the Stock Connect scheme[81] - The ETF's management fee rate is 0.50%, and the custodian fee rate is 0.10%[83]